Is Nursing a Recession-Proof Profession?

Written by Health Providers Choice on Thursday, August 04, 2022 Posted in Industry News

recession proof nursing

Talk of recession sparks fears about job security. An economic downturn is associated with layoffs, hiring freezes, and downsizing — leading people to wonder if their jobs are safe, or if it might be time to consider a different, more stable career path. For nurses, these concerns are virtually nonexistent. The healthcare industry is always in demand, and with current nursing shortages, demand for nurses isn’t going away anytime soon.

A recession looms on the horizon

The pandemic triggered a public health crisis quickly followed by an economic one. Safety restrictions limited production in most industries, forcing employers to make budget cuts and downsize their teams, and launching millions of Americans into unemployment. Two years later, the U.S. economy isn’t out of the woods. Now, economists predict 2023 will bring the next recession.

The threat of recession leaves many people with questions about job security. Workers across virtually every industry are uncertain whether they’ll still be employed if the economy pulls back, and with their finances on the line, many are starting to reconsider their career choices. Workers want a stable, recession-proof profession. Past recessions prove nursing is the answer.

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Nursing in the Great Recession

In 2008, the Great Recession showed nursing as a stable career choice during times of economic turbulence. In fact, the healthcare sector grew at a much higher rate than any other industry during this period of economic contraction. Between 2007 and 2010, hundreds of thousands of qualified professionals flocked to healthcare for a reliable income. Healthcare saw job growth and wage increases, especially for hospitals, home healthcare, and skilled nursing facilities. While no one can honestly say how the impending recession will affect the economy, it’s safe to say that nursing will continue to be an in-demand profession.

Why nursing continues to grow

The essential nature of healthcare uniquely positions nurses to fare better than those in other professions. People will always need healthcare assistance, and there’s an aging population that requires increasingly more involved care. As a result, nursing positions remain in high demand, even during a recession. There are tremendous incentives to attract new nurses to the profession in the current market. Hospitals and health systems are offering competitive pay and benefits, learning opportunities, and upward mobility to attract and retain nurses.

Will recession hit the U.S. next year? Nobody knows for sure, but one thing is certain: Nurses are in an ideal profession to weather the storm.

Looking for a change of scenery without a complete career change? Travel nursing is an exciting opportunity for nurses ready for the next step in their professional journey. Let Health Providers Choice help you explore what’s next for your career. Contact us online or call us today at 888-299-9800.

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About the Author

Rose Torrento

Rosemarie Torrento has worked in health care for more than 26 years, beginning as a registered nurse in 1988. Early in her nursing career, Torrento worked as a freelance contract nurse before accepting a position in nursing administration. During her 17-year tenure in that role, she oversaw nursing employment and travel nurse contracting at a Level 1 Trauma Hospital in Michigan. Understanding the challenges travel nurses faced, Torrento founded Health Providers Choice Inc. (HPC) in 2003. Through Torrento’s extensive experience and her role as President and CEO, HPC provides travel placement of registered nurses and allied health professionals to hospital systems nationally.